"A-Rod has only ruined cultures in sports" - Minnesota sports radio host Phil Mackey in August
Alex Rodriguez’s breakup with Jennifer Lopez has had multiple repercussions, and one of them is reportedly the falling apart of the baseball legend's $1.5 billion deal to buy the Minnesota Timberwolves.
Alex Rodriguez may have lost out on his bid to own the Minnesota Timberwolves thanks to his breakup with Jennifer Lopez. outkick.com/breaking-up-wi…
"Alex Rodriguez may have lost out on his bid to own the Minnesota Timberwolves thanks to his breakup with Jennifer Lopez." - OutKick, Twitter
His partner in the deal was e-commerce tycoon Marc Lore. Together, they were supposed to be equal partners by July 2021 when they made a $250m down payment. It was reportedly a cash investment that amounted to a 20% stake in the NBA team.
Great to spend some time with this group — on and off the court. Can’t wait for October! https://t.co/GYgeVmWpLS
"Great to spend some time with this group — on and off the court. Can’t wait for October!" - Marc Lore, Twitter
Rodriguez, however, failed to come up with his share of the pot and Lore had to back him up financially, which resulted in him getting 13 percent and Rodriguez seven.
If Lore and Rodriguez manage to make their next payment by the end of this year, they will then get the chance to buy an additional 40% and take control of the team by the end of 2023.
Speaking about the deal a few months ago, radio host Phil Mackey criticized Rodriguez for his role.
“It wouldn't bother me that much if Marc Lore was the owner. He's the one that's actually built companies and cultures before. A-Rod has been sort of a floating investor. He's only really ruined cultures in sports, right?” the podcaster said. "If this turned out to be more of Marc and less of Alex, it wouldn't be devastating to me."
Marc Lore and Alex Rodriguezs’ history
A-Rod and Marc Lore were introduced to each other by a mutual friend and the rest is history. The pair instantly hit it off, and have been great buddies ever since.
"We realized we both had two daughters, we both grew up in a similar way, similar kind of dads," Lore said of Rodriguez. "We kind of got into it quickly, and just sort of connected on a values front. He came at it from sports, I came at it from business."
A-Rod and Lore first teamed up to buy the New York Mets in 2020. The deal, however, didn’t materialize as they lost out to hedge-fund billionaire Steve Cohen, who bought the team in 2020 for $2.4 billion.
The pair then expanded their interest to the NBA, and here we are.
Big day for me and @AROD — so proud to officially be a part of the @Timberwolves & @MinnesotaLynx organization.
Looking forward to working with Glen & Becky Taylor and getting to know the players, fans, and community as we kick off this exciting chapter of Minnesota basketball. https://t.co/qaXTXLmNcc
“Big day for me and @AROD — so proud to officially be a part of the @Timberwolves & @MinnesotaLynx organization. Looking forward to working with Glen & Becky Taylor and getting to know the players, fans, and community as we kick off this exciting chapter of Minnesota basketball.” - Marc Lore, Twitter